Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapters 1-6 - Cumulative Review Exercises: 48

Answer

$\$47,341.75$

Work Step by Step

We calculate the interest using the simple interest formula ($\$46300$ at 3% for 9 months): $Interest=Principal*rate*time$ $I=Prt$ $I=46300*0.03*\frac{9}{12}$ $I=\$1041.75$ To find out the total amount that needs to be repaid, we add the original principal and the interest: $46300+1041.75=\$47,341.75$
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